Let’s talk about business owners – I’ll make it quick because this is about saving tax.
You may well be a business owner, like us. Hard to pin down, aren’t we, as we flit from one shiny new thing to the next, struggle to meet payroll and endure a never-ending stream of HR issues, is it any wonder? Oh, and paying tax of course.
You’re busy people, just like us. So we need to be REALLY interesting to get and keep your attention. So we would like to ask you these three questions:
How much is your business worth?
What’s 40% of that?
Did you know that just by writing your Will in a different way you can save that amount in Inheritance Tax?
See. That got your attention, and it’s so simple. By leaving your qualifying shares in a business into a Discretionary Trust in your Will, rather than directly to a spouse or Civil Partner. That means that when the business is sold, the cash proceeds are kept out of your surviving spouse or partner’s taxable estate. Without this, the spouse or partner would pay 40% tax on that money if they’ve already used up their other exemptions.* Find out if your business qualifies for this kind of relief on the HMRC website.
Don’t get us started on all the other things you’ll learn during your free consultation even if this little tax tip isn’t appropriate for you. Call us now or click here for more reasons to make a different kind of Will.
Steve Wilkes
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